Many would-be growth stocks out there are trading at valuations that aren't nearly as high as they were just a year or two ago. That suggests there are some deals out there for investors who know what to look for. Even if growth stocks don't fully recover this year, buying shares of growing businesses and holding them for at least three to five years can help set you up for life.

A couple of stocks that should be on your radar right now are AbbVie (NYSE: ABBV) and Microsoft (NASDAQ: MSFT). Let's take a closer look at these two "cheap" growth stocks.

AbbVie is an underrated healthcare stock that's trading at just 20 times its earnings. That's below the healthcare average of 22. Investors are likely discounting the stock right now over concerns about the patent cliff approaching for its top-selling anti-inflammatory drug Humira. The drug will lose some patent protection as early as this year.

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Source Fool.com